Free Bitcoin: How to enter Coinbase sweepstakes and how to buy the cryptocurrency

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If you’ve been wanting to start your cryptocurrency journey, there is an ongoing contest that may give you some motivation.

Coinbase is giving away up to $250,000 worth of Bitcoin. You are automatically entered once you create an account, which you can do on Coinbase’s website here.

One winner will be awarded $250,000, six winners will be awarded $25,000, and 1,000 winners will be awarded $100 — all in Bitcoin. Winners will be notified around Nov. 29.

In addition to the contest, all new users receive $5 worth of Bitcoin for free upon verification of ID.

The sweepstakes is available to all U.S. residents, except Hawaii, D.C. and U.S. territories.

If you already have a Coinbase account, there’s still a way you can enter — by mail. You can find detailed information and directions here.

One Bitcoin is currently worth over $63,000, according to real-time data tracked by CoinMarketCap (market capitalization is constantly changing). Its market capitalization is currently over $1.1 trillion.

What is Bitcoin?

Bitcoin is currently the largest cryptocurrency and the first to be widely adopted, according to Coinbase. It was created in 2008 by Satoshi Nakamoto, a pseudonymous person or team.

Cryptocurrency is a digital asset designed to be used over the internet. It’s decentralized, meaning it isn’t controlled by the government or any other central authority such as a bank.

How do I invest in Bitcoin?

Bitcoin IRA is one option, as it is a platform specifically designed for investing in bitcoin.

Once you create an account, specialists “will roll over your funds from an existing retirement fund, execute the self-directed trade, and move your coins securely into a digital wallet,” according to its website.

To invest, you don’t have to buy one entire Bitcoin, you can buy just a fraction.

What is cryptocurrency?

Cryptocurrency is a digital asset designed to be used over the internet, according to Coinbase. It’s decentralized, meaning it isn’t controlled by the government or any other central authority such as a bank.

If you’re interested in investing in other cryptocurrencies such as Dogecoin, Shiba Inu, Cardano, Ethereum and Tether, here are some options to get you started:

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Nicolette Accardi can be reached at naccardi@njadvancemedia.com. Follow her on Twitter: @N_Accardi. Find NJ.com on Facebook. Have a tip? Tell us. nj.com/tips

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